Inventory management is the process of controlling and overseeing the ordering, storage, and use of all company resources and products. It involves tracking inventory, monitoring stock levels and ensuring proper supplies are available at all times. This includes tracking inventory movements, setting reorder points and managing inventory costs. In essence, inventory management functions are meant to ensure that your business has enough stock to meet customer demands while minimizing surplus or out-of-stock items. By streamlining this process, businesses can boost efficiency, reduce waste, and improve productivity over time.